Our proprietary Absolute Value® approach is the foundation for each one of our investment strategies
See all strategies
Small Cap Value

Value oriented portfolio of small cap equity holdings

Small-Mid Cap Value

Value oriented portfolio of small-mid cap equity holdings

Mid Cap Value

Value oriented portfolio of mid cap equity holdings

Large Cap Value Select

Value oriented portfolio of large cap equity holdings

Dividend All-Cap Value

Value oriented portfolio of all cap equity holdings paying high and growing dividend yields

Focused Absolute Value®

Value oriented portfolio of all cap equity holdings

December 1, 2024

The Power Law: Venture Capital and the Making of the New Future

Sebastian Mallaby

Sebastian Mallaby's "The Power Law" masterfully chronicles the evolution of venture capital through the stories of industry pioneers like Georges Doriot, Arthur Rock, and Tom Perkins, who laid the foundation for modern technology investing. The book illuminates how these visionaries succeeded not just through financial acumen, but through their ability to spot transformative talent and technologies before others—a skill exemplified by Rock's early investments in Intel and Apple. While value investors typically focus on current fundamentals and margin of safety, Mallaby demonstrates how venture capitalists' capacity for identifying secular trends and backing visionary founders has created extraordinary returns, suggesting that traditional investors could benefit from selectively incorporating this forward-looking optimism into their analysis. The key lesson for value investors is that maintaining valuation discipline need not preclude the kind of creative thinking and long-term vision that has made venture capital so successful, particularly when evaluating companies at the forefront of technological change.

Get book